Mideast Stocks: Mashreqbank leads Dubai index higher, Abu Dhabi falls

Mideast Stocks: Mashreqbank leads Dubai index higher, Abu Dhabi falls

Dubai index closed higher on Friday, boosted by a 15% surge in lender Mashreqbank, while Abu Dhabi stocks slipped on volatility in crude markets.

Middle East crude benchmarks were mixed on Friday, with Oman and Murban lower and Dubai edging higher on the last trading session of September.

In Dubai, the main share index rose 0.7%, driven by gains in heavyweight real estate and financial stocks as Blue-chip developer Emaar Properties jumped 1.4% and Dubai developer's construction unit Emaar Development advanced 2.9%.

Mashreqbank shares have gained following a report on Wednesday that the lender has received bids from several companies to purchase stake in its payment unit.

Among other stocks, low-cost carrier Air Arabia gained 1.5% after its unit announced a new direct flight to Moscow. However, the index registered a monthly loss of 3%, its biggest drop in a month since September 2021.

In Abu Dhabi, the index retreated 0.7%, weighed down by a 2.6% drop in the United Arab Emirates' biggest lender, First Abu Dhabi Bank, and a 1.6% fall in energy firm Abu Dhabi National Energy Company (TAQA).

Health insurance provider Hayah Insurance declined nearly 10% after major shareholder Gulf Insurance Group sold its entire holding in the company.

Separately, Abu Dhabi-based Hospital operator